SKYCITY raises $40m through carpark sale

SKYCITY Entertainment Group said it’s agreed to sell a carpark in Auckland for $40 million as part of a program to reduce assets and raise capital to pay down debt and fund future growth.

ICD Property Investment Limited was the buyer of the Federal Street car park, which is a 427 space car park proximate to the SKYCITY Auckland casino, hotel and hospitality precinct.

ICD will pay a deposit of 10 percent of the purchase price and settlement is set for April 2019.

“The sale of the Federal Street car park is consistent with SKYCITY’s intention to move to an “asset-lighter” strategy which includes looking to divest non-core assets and businesses, the New Zealand operator said in a statement.

The car park is currently occupied by SKYCITY staff that will be moved to the New Zealand International Convention Centre car park when the first tranche is completed.